Merrill Lynch Upgrades Lehman to 'Buy'
Merrill Lynch upgraded Lehman Brothers (LEH ) to buy from neutral. Analyst Guy Moszkowski says the stock is trading at 37% relative price-to-book vs. S&P 500, it's currently at the low-end of its near term trading range over past 2-1/2 years of 33% to 48%. He believes stock has sold off considerably from its recent high on concerns about sharp increase in long term bond rates, and the potential for this to affect its trading earnings. However, he thinks the concerns and sell off are overdone. Moszkoswki initiates a $75 price target, indicating a 23% potential upside for Lehman shares.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Tesla Unveils ‘World’s Fastest Production Car’ and Electric Big Rig
- Norway Idea to Exit Oil Stocks Is ‘Shot Heard Around the World’
- Getting a Dog May Save Your Life, Especially If You’re Single
- The Questionable Math Behind Manafort’s Extravagant Home Renovations
- World’s Biggest Wealth Fund Wants Out of Oil and Gas